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jan2013 Florida Keys flood insurance can be a bit complicated to understand. I recently attended a local florida keys flood insurance meeting. This explained important changes in the National Flood Insurance program. I am finding that Home owners Flood insurance is like all insurances, a bit complicated and a moving target. October 1 2013 will bring massive changes in Florida Keys flood insurance rates. These premiums will see an average increase of five percent for policies written or renewed on or after October 1, 2012.
Effective October 1,2013 the National Flood Insurance Program will no longer provide any extension of premium rate subsidy to certain Pre-FIRM policies. These properties will be subject to full-risk rating. These properties will require an Elevation Certificate including photos in order to determine full-risk rating using the current FIRM Official map of a community. The most affected customers are those that have structures with a Pre-firm status.

“Post-FIRM Building – A building for which construction or substantial improvement occurred after December 31, 1974, or on or after the effective date of an initial Flood Insurance Rate Map (FIRM), whichever is later.”
The implementation of the new rate structure will include a 25% rate increase for non-primary/non-principal residences that are Pre-firm construction and located in any A or V flood zone.
Premiums will increase an average of 13% for all preferred risk policy’s written or renewed on or after January 1 2012.
Structures that were built in compliance and have a construction date that is on or after the community’s initial FIRM date and before Janurary 1, 1975 are still eligible for build in compliance grandfathering.
All premium’s are controlled by build date of construction and location of the home. FEMA has an excellent web site that explains all these details and terminologies .

Definitions and Fema Map site

This is intented for overview purposes only, For complete underwriting rules and guidelines,

please refer to the NFIP Manual